How to start a retail store on a budget

find a low-cost way to start and test

your business it’s one of the best ways

to get started and we’ll make sure you

don’t end up bankrupt I got a question

from one of my readers mailing who wrote

in saying she wants to start a small

party supply store in her area she feels

like it’s needed in her local market and

one of my advice on how to get started

because she doesn’t have any money to do

it this is a great question mailing and

congratulations I want to start this

business I’m excited for you here’s what

I want you to avoid I don’t want you to

go open a store spend tons of money

doing this buying supplies renting a

location being locked into a long term

lease hiring employees and it doesn’t

work out that’s a scenario for most

entrepreneurs and I really don’t want

that to be you so my Rick my advice my

recommendation is start small test it

out see if this works see if it works

and see if this is something that you

enjoy doing or not I would find a store

or location that is in your target

market and find a way to partner up with

them find a way to have a small section

of their store or do something outside

in the summer some way to test your

market so you don’t have all the huge

costs that are associated with starting

up your own location maybe you exhibit

at an event that’s sponsored by you know

events that are put on by local

charities find a way to test out if that

area is going to work for you or not

before you go investing a lot of money

and time into it I remember when I was

starting a software company

I wanted a location

but it was going to cost a lot of money

you know rent in a location cost money

and so I made a deal with the local

venture capital company and said I want

to start this new business I see you

have a couple desks open can I work from

your office and the deal we made was

they would give me space and they would

give me advice and ideas these are all

guys in their 60s or 70s and I would

help bring them new potential clients

and also some advice around technology

something I was good at naturally and so

I incubated my company out of their

office we both benefited from the

relationship I didn’t have to pay

anything and I had a prestigious address

one that would normally cost thousands

of dollars a month to have and so you

have to find a way to get started on a

small scale without spending a lot of

money have the big goal I want that for

you I want you to have your million

dollar idea

it’s great don’t lose sight of that but

act small you have to protect your

downside risk

that’s the best way to get started

that’s my advice for you because I don’t

want to make I don’t want to see you

going bankrupt it’s the common mistake

that most entrepreneurs will take so

good luck good luck with that those of

you watching if you agree if you think

you’re going to bootstrap your business

if you’re currently bootstrapping your

business give this video a thumbs up I

love seeing those come in and makes my

day all the time

and if you have a question for your own

business I’d love to try to help you out

if you won’t leave it in the comment

section below

so thank you and I’ll see you soon